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Georgia Dream Homeownership Program Seller Guide

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Georgia Dream Homeownership Program Seller Guide Georgia Department of Community Affairs Office of Housing Finance 60 Executive Park South, NE Atlanta, Georgia 30329-2231 1-800-359-HOME www.gadream.com Georgia Dream Homeownership Program SELLER GUIDE Georgia Department of Community Affairs 60 Executive Park South, N.E. Atlanta, GA 30329 Phone (404) 679-4840 Fax (404) 679-5839 Toll Free Inside Georgia (800) 359-4663 TDD (800) 736-1155 TTY (800) 228-4992 Web Site: www.gadream.com Para información en Español acerca de nuestro programa Georgia Dream Home (El Sueño Compra de Casa Georgia), por favor deje nos nombre y número y nosotros les contactaremos lo antes posible An Equal Housing Opportunity Lender An Equal Opportunity Employer Georgia Dream Homeownership Program Seller Guide Office of Homeownership All numbers begin in 404 prefixes unless stated otherwise Nathan Christiansen, Homeownership 679-3126 [email protected] Office Director Tracey Turman, Housing Outreach 470-504-8173 [email protected] Coordinator/Lender Training Brian Connor, Program Specialist 679-4851 [email protected] Lender Portal www.gadream.com Doris Suero, Program Coordinator 679-4847 [email protected] [email protected] Steven Apell, Loan Production 679-0653 [email protected] Manager Tracy Ali, Underwriter 679-1731 [email protected] Agatha Turner, Underwriter 679-5278 [email protected] Charlotte Gleason, Underwriter 679-0613 [email protected] Tamie Lamar, 679-0595 [email protected] Loan Administration Manager Sharon Kenney, Loan Funding 679-0598 [email protected] Assistant Jamilla Byrd, Grants 327-6858 [email protected] Consultant/Home Buyer Education Rate Line/Underwriting Turn time 679-0581 State Home Mortgage (Loan Servicing) Donna Martin, 679-0584 [email protected] Servicing Manager/Customer Service Michael Galloway, 679-4908 [email protected] Servicing Director Kerry Haynes, 679-0606 [email protected] Servicing Manager/Foreclosure SG Update 2021-1 Staff List Page 1 of 1 Georgia Dream Homeownership Program Seller Guide Table of Contents INTRODUCTION Chapter 1 Lender Relationships 101 DCA Lenders 102 Application Process for New Lenders 103 Application Review Process 104 Loan Seller Agreement 105 Lender's Basic Duties and Responsibilities 105.1 Electronic Media 106 Lender Organizational Changes 107 Loan Servicing 108 Program Contact 109 Lender’s Repurchase Obligation 110 Remedies for Non-Performance 110.1 Limited Participation 110.2 Termination 110.3 Notification and Appeal 111 Lender Portal 112 Program Compliance 113 Annual Lender Renewal 114 Changes to the Program Chapter 2 The DCA Loan Process 201 General 202 Funds Availability 203 Loan Origination 204 Issuance of Reservations 204.1 First Mortgage Loan Interest Rates 205 Reservation Period 205.1 Reservation Period Extension 205.2 Extension Fees 206 Cancellation of Reservation 207 Underwriting 207.1 Compliance Underwriting 207.2 Credit Underwriting 207.3 Credit Report 207.4 Automated Underwriting 207.5 Manual Underwriting 207.6 Minimum Credit Score Requirements for FHA, VA, USDA/RD & Conventional Uninsured Loans 207.7 Underwriting Package Format 207.8 Incomplete Underwriting Package SG Update 2021-1 Table of Contents Page 1 of 6 Georgia Dream Homeownership Program Seller Guide 207.9 DCA’s Underwriting Period 208 Underwriting Decision 208.1 Underwriting Approval Letter 208.2 Underwriting Deferral Letter 208.3 Underwriting Rejection Letter 209 Clearing Conditions 210 Closing 210.1 Power of Attorney 211 Loan Purchase 211.1 Purchase Deadline 211.2 Contents of Purchase Packages 211.3 Purchase Package Review and Purchase Delay Penalty Fees 211.4 Incomplete Purchase Packages 211.5 Loan Purchase Price 211.6 Non-Purchase of Closed Loan 211.7 Non-Purchase of Delinquent Loan 211.8 Mortgage Record changes in FHA connection 212 Final Documents 213 Quality Control 214 Loan Servicing – State Home Mortgage Chapter 3 Georgia Dream Homeownership Program Requirement 301 Eligible Loans 301.1 Warranties and Representations 302 Loan Requirements 302.1 Interest Rate 302.2 Mortgage Insurance Requirements 302.3 FHA Loans Requirements 302.4 VA Loans 302.5 Conventional Loans 302.6 USDA/RD Loans 302.7 Pool Insurance 302.8 Subordinate Financing 302.9 Loan Amount 302.10 Determining the Down Payment 302.11 Construction Loans 302.12 Amortization 303 Eligible Applicants 303.1 First-Time Home Buyer Requirement 303.2 Ownership Interests 303.3 No Ownership of Other Residential Real Estate 303.4 Principal Residence Requirement 303.5 Co-Signers 303.6 Liquid Assets Limitation 304 Household Annual Income & Debt SG Update 2021-1 Table of Contents Page 2 of 6 Georgia Dream Homeownership Program Seller Guide 304.1 Household Members 304.2 Household Income Limitations 304.3 Calculating Household Income 304.4 Termination of Employment 304.5 Child Support/Alimony 304.6 Overtime/Bonuses 304.7 Unemployment Compensation 304.8 Self Employed Applicants 304.9 Student Loans 305 Bank Statements, Paystubs and Section 1010 Language 306 Tax Transcripts 307 Homebuyer Education 308 Eligible Properties 308.1 Maximum Purchase Price 308.2 Manufactured & Modular Homes 308.3 Condominium 308.4 Trade, Business, or Investment Property 309 Property Standards 309.1 Private Wells 309.2 Septic System 309.3 New Construction 309.4 Acreage 309.5 Environmental Review 309.6 Flood Hazard Zone Certification 309.7 Utilities and Appliances 309.8 Lead Paint 309.9 Swimming Pools 310 Appraisal Guidelines 310.1 Standards for Appraisers 310.2 FHA Appraisals 310.3 FHA Single Family Property Disposition Program 310.4 USDA/RD Guaranteed Loans 310.5 VA Loans 310.6 Conventional Loans 311 Loan Closing Documents 311.1 Warranty Deed & Transfer 311.2 Survey 311.3 Title Insurance Policy 311.4 Hazard Insurance (See (d) for Mortgagee Clause) 311.5 Flood Insurance 311.6 Termite Letters 311.7 Note & Endorsement 311.8 Mortgage Loan Estimate 311.9 Tax Exempt Financing Rider 312 Closing Costs and Lender Fees 312.1 Calculating the Prepaids SG Update 2021-1 Table of Contents Page 3 of 6 Georgia Dream Homeownership Program Seller Guide 312.2 Interest Credit at Closing 312.3 Cash Out at Closing 312.4 Taxed, Special Assessments and Contractor Liens 313 Loan Assumptions 314 High Cost Loans 315 Recapture Tax 315.1 IRS Reporting and Calculation of Recapture Tax 315.2 Refinancing 315.3 Assumptions 315.4 Lender’s Responsibility 315.5 Notice at Closing Chapter 4 Special Georgia Dream Second Mortgage Program 401 Loan Terms 401.1 Interest Rate 401.2 Loan Amount 401.2a Standard 401.2b Protectors, Educators and Nurses (PEN) 401.2c CHOICE (Consumers Homeownership & Independence Choices for Everyone) 401.3 Mortgage Insurer Requirements 401.4 Use of the Georgia Dream Second Mortgage Loan Amount 401.5 Debarred and Suspended List 401.6 Recapture Tax 402 Eligible Applicants 403 Household Annual Income 404 Eligible Properties 405 Appraisal Requirements 406 Additional Documentation for Underwriting Package 407 Loan Closing and Purchase 408 Subordinate Financing 409 Purchase Documentation 410 Loan Purchase 411 Applicants Funds Required SG Update 2021-1 Table of Contents Page 4 of 6 Georgia Dream Homeownership Program Seller Guide Worksheets Household Income Worksheet Year-to-date Conversion Chart Year-to-date Conversion Chart for Leap Year Checklists Underwriting Package Checklist (First and Second Mortgage Loans) Closing Checklist (First and Second Mortgage Loans) Purchase Package Checklist (First and Second Mortgage Loans) Servicing Package Checklist (First Mortgage Loans) Final Documents Checklist (First and Second Mortgage Loans) Appendices I Definitions II Metropolitan Statistical Areas III Targeted Areas VI Private Mortgage Insurers VIII DCA Approved Housing Counseling Agencies IX Section 1010 Language Forms Program Forms List SF-5 “Extension Form” SF-6 “Reservation Cancellation” SF-7 “Reservation Change Form” SF-10 “Loan Applicant Profile” SF-12 “Application Affidavit” SF-15 “Affidavit of Non-Applicant Household Member” SF-16 “Acquisition Cost Certification” SF-30 “Loan Funding Profile” SF-31 “Servicing Loan Profile” SF-40 “Tax-Exempt Financing Rider” SF-44 “Transfer and Assignment” SF-46 “Mortgagor's Closing Affidavit” SF-50 “Notice to Purchaser of Potential Recapture Tax on Sale of Home” SF-60 “Lender Certification” SF-61 “Notice of Assignment, Sale or Transfer or Servicing Rights” SF-82 “Second Mortgage Note” SF-84 “Second Mortgage Subordinate Security Deed” SG Update 2021-1 Table of Contents Page 5 of 6 Georgia Dream Homeownership Program Seller Guide SF-100 “Surviving Spouse Affidavit” SF-6012 “Tax Return Affidavit” SG Update 2021-1 Table of Contents Page 6 of 6 Georgia Dream Homeownership Program Seller Guide Chapter 1 Lender Relationships Our relationships with DCA Lenders are central to the success of the Georgia Dream Homeownership Program. Throughout the year, a mortgage lender may apply to be a DCA Lender. This Chapter outlines the process for becoming a DCA Lender, the basic duties and responsibilities of a DCA Lender, and the annual renewal process for DCA Lenders. The duties and responsibilities of a DCA Lender are more specifically described in the Loan Seller Agreement and other chapters in this Guide. The Georgia Department of Community Affairs is committed to providing all persons with equal access to its services, programs, activities, education and employment regardless of race, color, national origin, religion, sex, familial status, marital status, disability or age. 101 DCA A DCA Lender
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